The burdens are even greater in Ireland and Latvia, where economic booms fueled by easy credit and soaring property values have given way to precipitous busts. Public debt in Ireland is expected to soar to 83 per cent of gross domestic product next year, from just 25 per cent in 2007. Latvia is sinking into debt even faster. Its borrowings will reach the equivalent of nearly half the economy next year, up from 9 per cent a mere two years ago.

That 83% is before NAMA, so add in another 35%, thats nearly 120%. The collective interest alone for the Nation next year will be 25 Billion. So everyones first 250 Euro the earn a week will go to servicing just the interest alone, nevermind the principal.

That 83% is before NAMA, so add in another 35%, thats nearly 120%. The collective interest alone for the Nation next year will be 25 Billion. So everyones first 250 Euro the earn a week will go to servicing just the interest alone, nevermind the principal.

The export sector of our economy may be 'stabilising' but our internal market is still deep in depression. Our public spending is out of control following rapid expanision of public sector employment based on bubble revenues, which is driving massive borrowing that we'll be paying for forever. All of this is before any mention of the bailout of the builders and the bankers, with borrowed money, which again we will be paying for forever. So while one sector of the economy is stabilising, exports, the overall economy is still a basketcase.

No,and I agree,no immediately, but we have to start somewhere, and it was always going to be when US, UK, Europe recovered... as global demand increases and it will, our FDI's will increase production, which in turn will feed the greater economy..

Thats why Lenihan needs to do the right thing in the Budget, not the popular thing the right thing, other wise we'll never get out of this mire... this goes for any other political party that goes into governement... we have to get used to unpopular decisions.... as a people, a country, and as an economy..

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